Cancer-Drug Maker May Raise More Money for Creditors by Selling Company Than Restructuring

A bankruptcy judge on Wednesday cleared cancer-drug maker Dendreon Corp. to pursue a sale in case such a deal yields more money for its creditors than a restructuring led by its bondholders.

Judge Peter Walsh of the U.S. Bankruptcy Court in Wilmington, Del., authorized Dendreon to put itself up for sale at an auction early next year, where bidders will have to offer more than $275 million to have a shot at acquiring the maker of...